Medlife plans $30 million investment to expand its e-pharmacy business

Medlife, the Bangalore-based e-pharmacy startup, has lined up $30 million investment to scale up its e-pharmacy business to over 100 cities by 2018, strengthen technology capabilities and enter into related verticals such as diagnostics and e-consultation. Founded in 2014 by Tushar Kumar, son of Prabhat Narain Singh, one of the founders of Alkem Laboratories and Prashant Singh, the startup competes with multiple e-pharmacies such as 1mg, Netmeds, PharmEasy and others.

Tushar Kumar, CEO of Medlife, said that “Online pharmacy is still a nascent business but is now on a very strong footing since regulatory hurdles are expected to resolve soon taking into consideration the government’s push for campaigns like Digital India and Startup India. We are looking to target tier-II and tier-III cities in India”. The startup claims that it uploads 10,000 prescriptions and executes over 4,000 shipments daily. It is also expected to achieve INR300 crore in revenue for FY18. Medline is not alone in raising funds in its category. Also, Mumbai-based PharmEasy closed a $17-million series-B deal from multiple investors including Bessemer Venture Partners, Orios Venture Partners and Aarin Capital. Bengaluru-based Myra reportedly raised around $7 million in funding from Matrix Partners and Times Internet to fund its expansion plans.